The management of Nigeria Breweries Plc has expressed commitment to import substitution by investing in local sourcing of raw materials to support and develop the agriculture sector through the improvement of the agribusiness value chain.
The Managing Director/Chief Executive Officer, Mr. Hans Essaadi, gave the assurance at the company’s 2023 pre-Annual General Meeting media parley in Lagos, adding that the company would continue to invest in the development, improvement, and commercialization of local agricultural raw materials.
Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria; it was incorporated in 1946 as the largest brewing company in the country that serves the Nigerian market and West Africa. It produces a range of non-alcoholic, stout, and spirit drinks with over 21 brands enjoyed locally and globally.
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Essaadi disclosed that the company is collaborating with relevant local and international research institutes to develop new sorghum varieties with improved quality for the industry and increased yield for farmers.
He noted that the outcome of the collaborative work with some research institutes on the trials of sorghum with higher yield varieties in northern Nigeria was beneficial to farmers, and that the result would be made known soon.
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While delivering his speech on the outlook for 2023, he lamented that the first quarter of 2023 was difficult due to foreign exchange scarcity, cash scarcity, a high inflation rate, and insecurity, among other challenges.
“We are not the only business that experienced difficulties.” We moved from forex scarcity to money scarcity. “This has been very tough for us. The good thing is that we are coming out of it, but I am very cautious. “Cash is slowly coming back into the economy, and we are seeing our numbers improving”.
